Given the uncertainty, it might seem unwise to make predictions on how policy will look after the election but, despite the political posturing, there is in fact an unprecedented consensus amongst the three major political parties. This means that whatever the outcome on the 6 May, you can expect the following:

Two interesting trends emerge from all three parties' manifestos. First, local communities will be given more discretion to make planning decisions as the regulatory framework becomes less centralised/prescriptive. Second, diversifying the UK's energy supply will require planners to grapple with the challenge of accommodating multiple renewable energy plants within the existing landscape.

 

Allowing local communities more discretion in relation to planning decisions means developers will have to adapt their approach to applications. Even greater efforts will have to be made to communicate ideas to residents and to convince them of the benefits of any proposed development. 

 

The push to build renewable energy plants across the country puts central government on a potential collision course with the local communities to whom they have divested control over planning decisions. The future of the infrastructure planning commission, which was created in part to deliver the step change in energy supply, very much lies in the balance. In a regulatory framework where local support will be more important than ever, the challenge will be to find ways that local communities see a benefit in engaging in renewables. Governments subsidies aimed at encouraging private individuals and communities to invest in the ‘green revolution’ are likely.   

 

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Ask any banker what they would like to see from the next Government and they will say the same thing: more certainty and less regulation. They will get neither. 

 

The bailouts of 2007/8 have inextricably linked the fortunes of the financial sector with national economic stability. If Government is required to underwrite the risks taken by banks, it will also insist that it tightens control over what risks are acceptable.

 

Bankers can expect uncertainty in the short term while the new regulatory framework is set up. The shape of the market over the next decade will, in large part, be determined by the new rules. Yet, given that levels of debt risk will be most closely monitored, it is like that regulators will look to incentivise equity finance models over debt finance.   

 

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Though the economy is no longer in recession, the budget deficit continues to grow: from £712 billion in 2009 to £857 billion in 2010.

 

All three parties have, to a greater or lesser extent, committed to cutbacks in public spending to address this. However, even when these cuts are taken into account, the scale of the national debt makes tax hikes inevitable. Any Government will be wary of being seen to place additional pressure directly on individuals so expect the largest increases to be made on indirect taxes (VAT, stamp duty, insurance premium taxes and customs duties) and for businesses to be hit hardest.   

 

SMEs will fare better than larger companies and some businesses may wish to consider restructuring to take advantage of the lower rates. Whilst the option of relocating overseas will be impractical for many businesses, some will wish to look around for jurisdictions that have more attractive corporate tax rates.

 

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